Crypto.com’s US derivatives exchange has registered with the Securities and Exchange Commission to trade futures on individual stocks. It wants to trade perpetual ones.
North American Derivatives Exchange, which operates as OG.com, filed the notice on September 14. Chief executive Kris Marszalek said on Thursday the company is working with the SEC and the CFTC to offer single-stock perpetual futures in the United States — contracts with no expiry date, a structure that exists in crypto markets and not in American equities.
The SEC acknowledged receipt of the Form 1-N on September 16 in Release No. 34-106396, under File No. 10-255.
What the Registration Does
Section 6(g) of the Exchange Act lets an exchange that lists security futures products register as a national securities exchange solely for that purpose, provided it is a CFTC-designated contract market and does not serve as a marketplace for other securities.
Nadex qualifies on both counts. It has been registered with the CFTC as a designated contract market and derivatives clearing organization since 2004, when it operated as HedgeStreet, and now trades as crypto.com Derivatives North America and OG.com.
The mechanism matters. Under Section 6(g)(2)(B), registration becomes effective contemporaneously with submission of the notice — so Nadex has been a registered national securities exchange since September 14, and the SEC’s document is an acknowledgement rather than an approval.
Security futures products are futures on single stocks or narrow-based indices, jointly regulated by the SEC and CFTC. That dual oversight is why an exchange already holding CFTC registration must also notify the SEC before listing them.
The Harder Ask
Single-stock futures are established products. Perpetual futures are not, at least not in US equities.
Perpetuals have no expiry and hold price alignment through funding payments between long and short positions. The structure is native to crypto markets, where it accounts for the majority of derivatives volume, and it has no direct equivalent in American stock trading.
Marszalek said the company is working with both regulators to list them, describing the aim as combining the innovations of digital asset markets with US capital markets. That requires two agencies to agree on a product neither has authorised in this form.
The CFTC has already moved on crypto perpetuals — it issued an order in May allowing Kalshi to list a Bitcoin perpetual as a futures contract, a decision CME is challenging in federal court. Extending the structure to equities raises the questions that dispute has not resolved.
Eight Days After Robinhood
The registration follows a deal announced on September 8, under which Robinhood agreed to route retail event-contract volume through OG.com’s exchange and clearinghouse and take minority equity stakes in both OG.com and Crypto.com Group.
Marszalek said at the time that prediction markets were the first product and that the companies intended to expand into futures and perpetuals. This is the regulatory step toward that, and it arrived eight days later.
Robinhood’s equity was priced in line with Citadel Securities’ July investment at a $20 billion valuation of Crypto.com Group, including a standalone $5 billion valuation of OG.com.
What It Would Mean
If single-stock futures list on OG.com, a venue built for event contracts becomes a venue for equity derivatives, with a retail brokerage holding equity in it and routing customer orders through it.
The Form 1-N itself, including exhibits, is available on the SEC’s website and would show which products Nadex intends to list. The acknowledgement does not say.
